US National Debt Poses an Economic Threat

Recent Treasury Department data reveals a rise from $33.990 trillion on January 2nd to $34.866 trillion by July 2nd, marking a staggering $876 billion surge in just six months.

Former Secretary of State and ex-CIA director Mike Pompeo, in a statement on the Washington-based nonprofit American Center for Law and Justice (ACLJ), warns that the ballooning debt now poses a national security threat.

Citing the Congressional Budget Office (CBO), Pompeo underscores that the projected $2 trillion budget deficit for fiscal year 2024, up from $1.7 trillion last year, signals alarming fiscal challenges.

He emphasizes that the national debt, projected to reach 122% of GDP in a decade, could surpass the total wealth generated by the US economy.

Pompeo expresses concerns that prolonged high debt, coupled with interest rates and inflation, could erode the US dollar’s value, benefiting global rivals like Beijing, Moscow, and Tehran at America’s expense.

He stresses the critical need to address the mounting debt to secure America’s economic future, cautioning against the perils of deficit spending that can lead to eventual failure for any business or nation, regardless of its size or wealth.